News
Tax Conference: Sanwo-Olu, Zulum, Amosun, Other Experts Seek Transparent Tax System to Boost Internally Generated Revenues
Lagos State Governor, Mr. Babajide Sanwo-Olu, and his counterparts from Sokoto and Borno States have emphasised the need to make the country’s tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance.
The governors made the call at the ongoing 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN) in Abuja, with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building”.
Speaking at the conference, Governor Sanwo-Olu who was represented by his Special Adviser on Taxation and Revenue, Mr. Abdul-Kabir Opeyemi Ogungbo, said the theme of the Conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.
While underscoring the crucial role of a transparent and efficient tax administration in fostering confidence and voluntary compliance among taxpayers, he emphasized the necessity for citizens to witness tangible outcomes from their tax contributions, highlighting the pivotal role taxes play in fueling public services and infrastructural development.
Sanwo-Olu stressed the shift in mindset needed, urging taxpayers to view tax payments not as a burden but as an investment in a better future for Nigeria.
He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.
Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria for ourselves and for generations to come.
“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore we need a tax system that incentivizes investment, job creation, and economic diversification.
“We need to explore innovative ways to expand the tax base while fostering a business environment that allows our economy to thrive. The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and the focus on integrating the growing remote workforce into the tax net are commendable initiatives.”
The governor said, “The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.”
However, former Governor of Ogun State, Senator Ibikunle Amosun, who declared the conference open, while stressing the need to prioritize growing Internally Generated Revenue (IGR) over relying solely on borrowing to fund national and sub-national budgets, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.
Governor Babagana Zulum of Borno State criticized inefficiencies and corruption in the current tax administration system.
Zulum, represented by the Deputy Governor of Borno State, Umar Kadafur, highlighted the shortcomings of the current tax system, including tax evasion, avoidance, and lack of transparency.
He called for critical reforms to address these issues, including tackling corruption in both the oil sector and governance system. He criticized the political protection of tax evaders and emphasized the importance of transparency and accountability in tax administration.
While calling for critical reforms, he lamented the manipulation and connivance of multinationals with tax administration to short-change the system, he added that this represented one of the hallmarks of corruption in both the oil and governance system.
In his remarks, the Governor of Sokoto State, Ahmad Aliyu Sokoto, said the conference will greatly assist in exploring innovative ways of improving revenue generation in the country.
He said the economic and revenue challenges had made it difficult for governments at all levels to implement their people-oriented programmes, thus the need for the government to devise a means for more funds to provide the dividends of democracy to the people.
The governor said taxation remained a veritable source of resource mobilization for the government adding that his administration would work with CITN to boost IGR in the state.
The Auditor-General for the Federation (AuGF), Mr. Shaakaa Chira, said the country’s tax system was plagued by instances of tax evasion especially by the upper class, multiple taxation and inability to properly account for taxes collected by administrators.
The Chairman of the conference planning committee, Dr. Adeyemi Sanni, noted that for Nigeria to achieve meaningful fiscal development over the long term, it is imperative to establish a tax culture that can withstand economic fluctuations and challenges.
President and Chairman of the CITN council, Mr. Samuel Agbeluyi, emphasized the importance of investing in technology and people at the subnational level to effectively track revenues in the digital space, including cryptocurrency. This, he believes, will help maximize government revenue flow.
Mr. Agbeluyi stressed the need to provide support to revenue authorities through financial and administrative autonomy, empowering them to effectively administer taxes as he noted it is clear that a strategic approach to revenue management is crucial for the overall financial health of the government.
The CITN boss stated further, “This is a thought-provoking topic that requires all of us to put on our thinking hats. As we deliberate, we must recognize that our nation faces significant challenges. Our current economic realities as a country are multifaceted, despite efforts to improve the narrative by the current government.
He said, “The 2024 budget of “Renewed Hope” as we know relies significantly on non-oil revenue, and this trend is expected to continue in the future. Therefore, building a sustainable tax culture capable of significantly improving our tax revenue performance for an effective. economic and capital formation becomes a top priority.”
Yahoo Mail has announced a major shift in its storage policy, slashing the free email storage cap to 20GB and rolling out a new subscription model starting at $1.99 per month for 100GB.
The change, which takes effect immediately, marks a significant downgrade for many long-time users who have grown accustomed to Yahoo’s previously generous storage offering.
In a notice sent to users on Tuesday, the company urged account holders to review their current storage usage and consider paid upgrade options to avoid disruptions.
“Once you reach the 20GB limit, you will no longer be able to send or receive emails unless you either delete existing messages or upgrade your account,” the notice warned.
While access to inboxes will remain intact for now, users will be forced to clean up their accounts or move to a paid tier to maintain full functionality.
Yahoo has unveiled two new storage plans which are 100GB for $1.99/month and 1TB for $9.99/month.
For those seeking a more premium experience, Yahoo is also offering Yahoo Mail Plus, which includes 200GB of storage, an ad-free interface, and additional features. However, users opting for the 100GB and 1TB tiers will still be served ads, a move likely to frustrate those paying for expanded capacity.
To ease the transition, Yahoo is rolling out new tools to help users manage their inboxes more efficiently. These include real-time storage tracking, a usage dashboard, sorting options for large emails, and an attachment manager to help clear out space-consuming files.
Despite the enhancements, the abrupt downgrade has sparked concerns among users, particularly those with email archives spanning more than a decade. Critics argue the change could pressure many into paying for what was previously free, without a proportionate upgrade in value, especially considering ads remain in place for all but the premium Plus tier.
Yahoo’s new model brings it closer to competitors like Gmail, which offers 15GB of free storage shared across Gmail, Google Drive, and Google Photos. Google’s paid plans also begin at $1.99/month for 100GB, but offer additional benefits such as photo backups and expanded cloud services. Gmail also provides a cleaner experience, with minimal ads even on its free plan.
Yahoo Mail’s new 20GB limit applies exclusively to email storage, a slight advantage for users who don’t rely heavily on broader cloud services. But the real test will be how users respond to the newly imposed constraints and whether the value proposition is strong enough to convert them into paying subscribers.
Corporate Affairs Commission (CAC) in Nigeria has announced a significant move to strike off approximately 100,000 dormant companies from its register due to their failure to file annual returns for over a decade.
This initiative, aimed at cleaning up the nation’s business registry, was confirmed in a statement released by the CAC on Tuesday, 29 July 2025. The commission has granted these companies a 90-day grace period to submit all outstanding annual returns or face permanent removal from the database.
The CAC’s action is grounded in Section 692 (3) (4) of the Companies and Allied Matters Act (CAMA) No. 3 of 2020, which empowers the commission to delist defunct or inactive companies.
The statement, published on the CAC’s official website, urges affected companies to file their overdue returns and notify the commission via email at activation@cac.gov.ng to avoid being struck off.
The commission has also made it clear that it is illegal to conduct business under the name of a delisted company, as such entities are considered dissolved.
Registrar General Garba Abubakar previously noted that nearly 90% of registered companies in Nigeria are dormant, highlighting the scale of non-compliance. This crackdown is part of a broader effort to enhance transparency and ensure a robust business environment in Nigeria.
The CAC has advised stakeholders to verify the status of companies before engaging in transactions, warning that dealing with a dissolved company could lead to legal repercussions. Only a Federal High Court order can reinstate a delisted company, underscoring the gravity of the process.
The list of affected companies, numbering around 100,000, has been published on the CAC’s website, allowing businesses to check their status. Companies that have already filed complete annual returns but find themselves listed have been instructed to provide evidence of compliance by emailing compliance@cac.gov.ng within the 90-day window.
This initiative follows earlier warnings from the CAC, including a December 2024 announcement to delist 91,843 companies and a subsequent removal of 80,429 companies in November 2024, which included notable names like Innoson “Vinod” International Limited and Jolly Food Industries Ltd.
The 90-day grace period, starting from 29 July 2025, offers a final opportunity for these companies to regularise their status.
The CAC’s decisive action signals a commitment to fostering accountability and compliance within Nigeria’s corporate landscape, raising important questions about the operational challenges facing thousands of registered businesses.
As the deadline approaches, the commission’s efforts are expected to reshape the country’s business ecosystem, ensuring only active and compliant entities remain on the register.
InfraCredit, a specialised infrastructure credit guarantee institution, has entered into a strategic partnership with the Africa Minigrid Developers Association (AMDA) to boost access to long-term local currency financing for mini-grid and distributed renewable energy (DRE) projects across Africa.
The agreement aims to strengthen market development and address long-standing financing barriers in the mini-grid sector, especially in Nigeria and other underserved African markets.
The collaboration is aligned with InfraCredit’s Clean Energy Funding Programme (CEFP), which offers credit enhancement, due diligence support, and technical assistance to renewable energy developers.
“With an estimated 86 million Nigerians, alongside hundreds of millions across Africa—still living without electricity, bridging this energy access gap demands a pipeline of investment-ready, well-prepared projects that can unlock scalable capital and accelerate financial close,” said Chinua Azubike, CEO of InfraCredit.
“This partnership creates a practical pathway to scale the impact of our Clean Energy Funding Programme by equipping more developers to structure commercially viable mini-grid and DRE projects that qualify for long-term local currency finance,” Azubike added.
Through the agreement, both InfraCredit and AMDA will work together to facilitate technical assistance, share toolkits, and deploy credit modelling frameworks, including InfraCredit’s Distributed Renewable Energy Lending Toolkit (DRELT) and DRE Credit Rating Model. These tools aim to enhance the bankability of projects and improve developers’ ability to secure patient capital in local currency.
AMDA, which represents mini-grid developers operating in over 20 African countries, brings deep sector expertise and a strong network of DRE operators to the partnership.
According to Lamide Niyi-Afuye, CEO of AMDA, the collaboration addresses one of the most persistent challenges in the sector.
“We are pleased to collaborate with InfraCredit to address one of the most persistent barriers in the minigrid sector, access to affordable, long-term local currency finance,” said Niyi-Afuye.
“By aligning AMDA’s advocacy and technical support efforts with InfraCredit’s proven models and tools, we aim to accelerate the deployment of resilient, decentralised energy solutions that deliver tangible socioeconomic benefits in Africa. We view this partnership as a blueprint that will be used beyond borders, paving the way for broader regional impact,” he added.
The partnership will also support the development of transaction-ready pipelines, capacity-building initiatives, and investor-developer forums aimed at improving market transparency and accelerating the roll-out of commercially viable mini-grids.
By facilitating access to domestic blended finance and strengthening project preparation, the partnership hopes to unlock greater private sector participation, mobilise local capital, and expand clean energy access across unserved and underserved communities in Africa.
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